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Mexico's legislature has passed a controversial judicial overhaul that has raised concerns among investors and drawn criticism in the United States. The reform, pushed through by President Andrés Manuel López Obrador, aims to replace all of the country's federal judges. Critics argue that the measure could discourage foreign investment and undermine judicial independence. The overhaul is part of a series of constitutional changes being implemented by the ruling Morena party. However, supporters of the reform claim that it is necessary to combat corruption and nepotism in the judiciary. [Extracted from the article]

The article reports that U.S. crude oil stockpiles dropped more than anticipated, decreasing by 6.9 million barrels to 418.3 million barrels for the week ending August 30. Topics discussed include the decline in crude imports, the steady state of production and refinery capacity, and changes in gasoline and distillate fuel inventories.

Panama's Supreme Court has ruled against a contract between the government and Canadian miner First Quantum Minerals, which puts one of the world's largest copper mines at risk. The court deemed a law passed by the National Assembly in October, which approved a revised contract between the mining company and the Panamanian government, as unconstitutional. The ruling follows weeks of protests against the mine, with demonstrators expressing discontent over issues such as corruption, lack of transparency, and the country's indebtedness. The Cobre Panama mine contributes nearly 5% of Panama's economic output and accounts for 75% of its goods exports, making the court's decision potentially detrimental to the country's economy. [Extracted from the article]

Hurricane Otis, a Category 5 storm, has caused widespread flooding and devastation in the popular beach resort of Acapulco, Mexico. At least 27 people have died and four are missing. Mexican President Andrés Manuel López Obrador has deployed soldiers, medical teams, and rescue teams to assess the damage and provide assistance. The storm has damaged roads, hotels, hospitals, and other buildings, leaving Acapulco without electricity, telephone service, and internet. The city is vulnerable to mudslides due to its densely populated hills. The rapid intensification of Hurricane Otis was likely caused by moving over abnormally warm water, and human-caused climate change may have contributed. [Extracted from the article]

Hurricane Otis, a powerful Category 5 storm, has caused widespread flooding and devastation in Mexico's Pacific port and popular beach resort of Acapulco. The storm ripped into buildings, disrupted communications, and left much of Acapulco without electricity, telephone, and internet service. President Andrés Manuel López Obrador expressed concern about the coastal road and the people living in the affected areas. Acapulco, which is vulnerable to heavy storms and mudslides, has experienced significant material damage in the past due to hurricanes. The storm has prompted a large federal convoy of military trucks and emergency vehicles to provide logistical support and humanitarian aid. [Extracted from the article]

Mexican President Vicente Fox sounded unhappy over congress's failure to pass energy reforms and the country's importation of large quantities of natural gas. With presidential elections coming up in May 2006, expectations of having reforms passed by the existing government seem remote.

America Movil SAB, the Mexican wireless outfit, will tender an offer for Telmex Internacional and Carso Global Telecom which, if approved, will form a giant telecommunications company with some 250 million subscribers. Mexican billionaire Carlos Slim, who control the companies, must obtain approval from Mexico's antitrust agency, the Federal Competition Commission, as well as other approvals before the deal can go through.